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H.R. 2513, Corporate Transparency Act of 2019 (CBO Report for Congress)

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Congress 116th
Date Requested June 11, 2019
Requested By House Committee on Financial Services
Date Sent Sept. 12, 2019
Description:
The bill would Require certain companies to provide information annually to the Financial Crimes Enforcement Network (FinCEN) Require FinCEN to inspect certain law enforcement agencies Establish civil and criminal fines for violations of the bill’s provisions Require states to notify some applicants for corporation and limited liability corporation (LLC) status of new requirements to identify beneficial owners of the corporation Prohibit some newly formed corporations and LLCs from issuing bearer shares (equity securities wholly owned by the holder of the physical stock certificate) Require corporations and LLCs to provide beneficial ownership information annually to FinCen Estimated budgetary effects would primarily stem from Costs to FinCEN to hire additional employees to carry out the bill’s provisions Areas of significant uncertainty include The number of new annual filings with FinCEN that would result from enactment of the bill  

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